PharmEasy to merge with Medlife
PharmEasy has applied with the Competition Commission of India (CCI) to seek approval to merge with rival Medlife, filings show. PharmEasy’s parent company API Holdings will acquire 100% of Medlife’s equity shares, and in turn, Medlife will get 19.59% ownership in the combined entity according to the filings.
PharmEasy had last raised funding in November 2019 in a $220 million funding round led by Temasek, when it was valued at $700 million. Medlife was reportedly valued at $450 million as of June 2019.
PharmEasy founded in 2015 by Dharmil Sheth, Dhaval Shah and Mikhil Innani offers medicines, healthcare products as well as diagnostic tests. Bengaluru-based Medlife provides medicines, health products, doctor consultations and tests through both its website and its app.
The valuation of the merge can be around $1.2 billion which means that Medlife and its promoters would get a stake of about $230 million.